The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support
to international institutions.

The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes
sound financial and economic decisions through community development and education programs.

The volume of Shared National Credits (SNC) rose by 21% in 2006, the fastest pace since 1998, reflecting, in part, significant merger and acquisition lending, according to the SNC review results released today by federal bank and thrift regulators.

The 2007 review noted an increase in the volume of criticized credits. However, the volume of criticized credits as a share of total SNC commitments remains low by historical comparison and is indicative of satisfactory credit quality. The review also included an assessment of underwriting standards and practices. Examiners found weakened underwriting standards in the syndicated lending market, particularly in non-investment grade or leveraged credit facilities.

The results of the review—reported by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision—are based on analyses prepared in the second quarter of 2007.